Search Here

Monday, May 13, 2013

The Model: Small-scale furniture and contrasting colours are a hit at Market Town Condos.


Interior designer Gordana Car takes a zen approach when tackling small spaces. Everything in a condominium unit has to be carefully selected, she says, so that it all has a place and there’s no excess. “Clutter is not allowed,” says the project manager of Gordana Car Interior Design Studio. “It’s quality over quantity, meaning that you spend your hard-earned money on the lifestyle as opposed to the big home.” That’s how she styled the model suite at Market Town Condos in Barrie, using small-scale furniture to better fit in the space and a limited colour palette that flows through the rooms. Dark laminate floors contrast beige walls and sheer window treatments. “It’s neutral and light,” Ms. Car says of the 730-square-foot Atwater suite. “In order to keep the space warm, I added a lot of contrast.” Market Town Condos — by Mady Development and Pen Equity Realty — features suites ranging from 552 to 949 square feet and priced from $159,990 to $232,990. The sales office is on Cundles Road, just south of Duckworth Road in Barrie. It’s open Monday to Thursday from noon to 6 p.m. and weekends and holidays from noon to 5 p.m. Call 705-719-1222 or visit markettowncondos.com. 1. As the target market is both young adults and empty nesters, Ms. Car says: “I didn’t want to be too contemporary.” Thus, the drum-shade fixture with wire detailing from Union Lighting is both modern and sophisticated.
2. For the dining scene, the designer didn’t want chairs with high backs that would overpower the room and interrupt the sightlines. These fit perfectly. The bonus: The stud detailing and linen upholstery add a touch of traditional to the unit.
3. Next to the clean-lined sofa, the curved chairs add eclectic appeal. The linen upholstery is all the rage, Ms. Car says. “In today’s trends there’s a lot of linens and velvets, but with very clean, contemporary lines,” she explains “It’s marrying the old traditional designs with the modern.”
4. Using two small coffee tables instead of a larger one makes the space more flexible. The tables match the floors, while the glass top doesn’t hog visual space. They can be moved around easily for entertaining. The tables are from European House Furniture Interiors, as is most of the furniture in the unit.
For more information on condos in Toronto or Toronto Condos.

Sheppard. The condo corridor.

Shane Baghai arrived in Canada in 1973 and put his engineering education to use as a designer of home heating and cooling systems. A decade later, the Iranian-born, London-bred gentleman was one of North America’s busiest custom homebuilders, with many of his projects rooted in North York.
A man of foresight, Mr. Baghai realized the potential for growth along Sheppard Avenue East between Yonge Street and Victoria Park Avenue and, as such, became a fan of then-Mayor Mel Lastman and his proposed Sheppard subway line. The 5.5-kilometre subway line officially opened in November 2002, with five stations dotted from Yonge Street to Don Mills Road.
Today, another outspoken mayor, this one named Rob Ford, is murmuring about extending the subway. With 29 high-rise buildings in the works or in planning stages along the Sheppard Avenue stretch comprising 5,865 condominium units, according to Urbanation, developers like Mr. Baghai are thrilled.
“Sheppard Avenue will become a busy corridor in the next 10 years,” says Mr. Baghai, whose series of St. Gabriel condos and townhomes is down to 33 available units at St. Gabriel Manor with occupancy this spring. “You’ll see [towers with six-storey podiums] popping up all the way from Bayview Avenue to as far as the eye can see. … This is just the tip of the iceberg.”
According to RealNet, 2010 ended with the Sheppard Corridor ranking third out of 19 active high-density development areas across the GTA based on the number of projects, units and sales. But it ranked 13th when it came to average unit pricing: $485 per square foot compared to the average GTA price of $547. RealNet president George Carras attributes the area’s popularity to low price, highway access, public transportation and convenient shopping. Well-known developers such as Menkes, Daniels, Monarch and Cityzen Fernbrook all have a presence, with signs adorning every major intersection to beckon potential buyers to take a peek.
The largest development by far is Concord Adex’s Concord Park Place, an L-shaped, 45-acre master-planned community consisting of 15 high-rise and mid-rise buildings with 5,000 condos and townhomes plus a park, school and community centre. Its price per square foot is $570. Spokesman Brian Fong says most buyers hail from the neighbourhood, with young people buying first and their parents following.
“Downtown is still the core, but [this area] is a second downtown,” Mr. Fong says. “It’s a win-win situation: The more people gather in one location, the more positive noise generated to call for the government or the city to improve that area.”
Retailers are enjoying the upswing, too. In his regular jaunts around the ’hood, Mr. Baghai has learned that fast food restaurants and convenience stores are doing brisk business, with pizzeria owners telling him their delivery orders have risen 25% in recent years. Loblaws at Bayview Village is always hopping, and Whole Foods Market’s fourth Greater Toronto Area location will take over most of the 60,000 sq. ft. of retail space at Tridel’s Hullmark Centre at the southeast corner of Yonge and Sheppard.
Melissa Evans-Lee, Bayview Village’s marketing director, recalls standing in the mall’s parking lot one day last year and “all you could see were cranes dotting the horizon.” The amount of activity is staggering, she says, with more than 20,000 new residents expected over the next few years. Many will be thirtysomething professionals who want the conveniences of downtown without living in the thick of it.
“Our new neighbours are moving into fabulous condos with luxurious finishings and hotel-like amenities,” she says. “They want the fabulous life, which we are more than happy to contribute to.”
For more information on Toronto condos or condos in Toronto click here.
Article from the National Post.

More Toronto Boomers to Buy Condos.


The year 2010 ended on a high note for Toronto's condo market, according to statistics released in January by Urbanation. The fourth quarter of the year (October to December 2010) showed 6,280 new condominium sales, up from 3,805 in the quarter before. "There was a huge jump in sales and that was directly relatable to the fact that we had 29 new projects and 6,500 units that launched in the fourth quarter," says Ben Myers, executive vice-president and editor of Urbanation, which tracks the Toronto condominium market. "A lot of those were large-scale projects and a lot of them did fairly well." Investors are continuing to drive the market, he says, making "the bulk of the sales" for newly released condo projects before sites even have their grand openings to the public. But once that surge of sales is over, end users are the prime buyers; Urbanation tracks those existing new projects already on the market, too, where sales continue at the same average pace as they have for the past five to six years. "For the end users, that level hasn't changed, just the level of investor activity has improved," Mr. Myers says. With a seven per cent to nine per cent increase annually in the price per square foot of condos in the city, it's no wonder investors are continuing to buy. Price per square foot rose from $352 in the fourth quarter of 2009 to $374 per square foot in the fourth quarter of 2010. "Increases like that provide investors with returns," Mr. Myers says. While investors may be looking for returns, another buyer group — baby boomers — is considering something else: condo lifestyle.
A certain segment of boomers is starting to see condos as a viable option, according to a recent report by TD Canada Trust, which tracked housing trends among boomers throughout Canada. The TD Canada Trust Boomer Buyers Report showed that while 61% of the boomers surveyed planned to look for a detached house with their next move, the next largest segment of the population — 24% — were looking at condos, citing the lack of maintenance, better security and amenities as deciding factors. "We've seen so many condo developments, especially in Toronto, that you're at least seeing these boomers talking about condos, where in the past they haven't at all talked about them," says Farhaneh Haque, regional sales manager for the Mobile Mortgage Specialist area of TD Canada Trust. (Not that all of the boomers surveyed were convinced: 61% didn't like the idea of living in a condo because they didn't want to give up their backyard or garden, and 57 per cent didn't want to pay condo fees.)
So what does 2011 promise? According to Mr. Myers, Toronto can expect a slowdown compared to 2010 numbers — although with the 16,000 new condo sales he predicts within the city limits this year, sales certainly won't stop completely. "I still think it's going to be a pretty solid year," he says. "Based on quarter four, we may even have higher results than the 16,000—but I'll stick to my prediction for now."
© Copyright (c) Postmedia News From the Vancouver Sun
To buy Toronto Condos or Toronto Lofts Click Here

Condo Report 'Strong'


Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q4-2010 market overview. For the second consecutive year, the Toronto CMA new-condominium market finished with a bang. A flurry of sales activity in Q4-2010 resulted in 6,280 new condominium units sold in the quarter. This represents an impressive rebound from the 3,805 new unit sales in the preceding Q3-2010.
Said Urbanation Executive Vice President and Editor Ben Myers, “The Q4-2010 new unit sales were much higher than expected, spurred by tremendous results at a number of new project openings in the City of Toronto. In the end, 2010’s total annual new and resale condominium sales of 37,041 units were just three per cent shy of the historic 2007 record of 38,306 units sold.”
Compared to 2009, 2010’s sales represent an increase of 20 per cent over 2009’s 30,939 new and resale condominium units sold. 2010 sales soared 27 per cent over 2008’s sales of 27,187 new and resale volume. Myers added, “Even more impressive than the sales results were the number of construction starts, a Toronto CMA record of 18,221 high-rise condominiums started in 2010, more than twice as many as 2009. There are now 34,548 units under construction in the CMA in 132 projects”.
The key to Q4-2010’s strength, and the overall 2010 annual sales success, seems to have been a combination of developers continuing to restrain pricing at new project launches to appeal both to the general market, and to investors looking to acquire suites as future rental properties.
A 2010 Urbanation survey of condominium industry professionals indicates that their major concern with regard to 2011 sales levels will be affordability. In the Toronto CMA overall, the unsold unit index price for new projects (the average asking price of available product per square foot), rose eight per cent annually from $493 to $530 psf in Q4-2010. The unsold index price in the former City of Toronto was $646 psf in Q4-2010 and $723 psf in the Downtown Core.
Pricing in the resale market has flattened in recent quarters, but has risen six per cent annually from $352 psf in Q4-2009 to $374 psf in the fourth quarter of 2010. Resale index pricing in the former City was $487 psf in Q4-2010 and $518 psf in the Downtown Core. There were 3,538 condominium apartment resale transactions in the fourth quarter in the CMA, with the average unit selling for $339,000.
“Urbanation expects 15,000 to 17,000 new units to launch in 2011, with approximately 16,000 sales, representing a slight drop-off following the ‘boom’ conditions in 2010” said Myers, “Moderate growth is expected in the resale condominium market, and Urbanation is forecasting 17,000 resales in 2011.”
Learn more about Toronto Condos.

Repealing the Land Transfer Tax


In a deputation to the City of Toronto's Budget Committee later today at the East York Civic Centre, the Toronto Real Estate Board (TREB) will tell City Councillors that REALTORS® are encouraged with the direction of the City's proposed 2011 Budget and believe that it is a significant step towards fulfilling Mayor Ford's strong commitment to repeal the Toronto Land Transfer Tax. TREB is scheduled as the first speaker, today at 6:00 p.m., at the City Budget Committee public hearings being held at the East York Civic Centre, 850 Coxwell Avenue.
"By demonstrating restraint and prudent fiscal management, this budget sets the stage for City Council to deliver on Mayor Ford's clear commitment to repeal the Toronto Land Transfer Tax by next year," said TREB President Bill Johnston.
For years, GTA REALTORS® have been telling the City that the fair way for it to address its financial challenges is to get its finances in order, instead of burdening homeowners and homebuyers with additional taxes, like the Land Transfer Tax.
"Torontonians spoke out strongly against the idea of the Land Transfer Tax when it was first proposed in 2007. The public spoke loudly then, and they spoke even louder last October when they gave Mayor Ford an overwhelming and clear mandate to repeal this unfair tax," added Johnston.
TREB will be telling the City's Budget Committee that the proposed budget that they are reviewing is an important step to delivering on the Mayor's Land Transfer Tax mandate because it begins the process of addressing the City's financial challenges with fair options, including cost-containment measures and a forthcoming detailed program and service review.
"For years, Toronto's taxpayers have been bearing the burden of unsustainable City budgets. We believe that the proposed 2011 Budget stops the bleeding, and that by moving forward with Mayor Ford's commitments, including repealing the Land Transfer Tax, next year's budget will allow the City to flourish," said Johnston.
Learn more about Toronto Real Estate or Toronto Condos

City of mass construction: Toronto’s unstoppable condos show no signs of slowing down


The Toronto condominium market is out of this world. Currently there is no better place in the world where all this activity is happening. Specializing in the sale of Toronto Condos, I can tell you, we have a large immigration of people coming to Toronto every year. We have a diverse economy that can support a reasonably affluent lifestyle. And we a have a very stable Canadian economy. Everyone is recognizing how great Canada is, and Toronto is the centre of Canada. My enthusiasm is echoed by those who analyze the Toronto condo market and those who build it up. According to Urbanation, number crunchers in the development industry, 16,000 new Toronto condo units are expected to come to the Toronto area. 5,500 will be in the downtown core alone.
Learn more about Toronto Condos and Real Estate in Toronto

New Mortgage Conditions


OTTAWA — Finance Minister Jim Flaherty unveiled changes Monday morning to mortgage lending rules that would see Ottawa stop backing home loans greater than 30 years and make it more difficult for households to use their property to access financing. The changes, as reported by the National Post on Sunday, emerged as worries escalate among Bay Street leaders and the Bank of Canada about the record levels of household indebtedness, and how conditions could deteriorate unless pre-emptive action was taken.
The key change announced is that mortgages with amortization periods longer than 30 years will no longer qualify for government-backed mortgage insurance, which is required for buyers with less than a 20% down payment on a home. The previous limit was 35 years.
Also, Mr. Flaherty lowered the maximum amount Canadians can borrow against the value of their homes, to 85% from 90%, on a refinancing; and removed federal government backing for home equity lines of credit, or so-called HELOCs, whose popularity soared in the past decade with growth double that of mortgage debt.
"Canada's well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries," Mr. Flaherty said at a media conference. "The prudent measures announced [Monday] build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future."
Executives at Bank of Montreal applauded the government's move.
“The actions announced are prudent, measured, responsible and timely,” said Frank Techar, president of personal and commercial banking at Bank of Montreal.
The changes will be implemented in stages, with adjustments on amortization and refinancing limits coming into force on March 18. Government backing on HELOCs will be removed as of April 18.
The government said exceptions would be allowed after the new measures come into force when needed to satisfy a home purchase or sale and financing agreement struck before the March and April in-force dates.
The minimum down payment, at 5%, will remain as is. Further, there are no plans to target condominium purchases by requiring monthly condo fees be added to the list of expenses that is measured against income to decide whether a buyer can afford a mortgage.
Analysts at Scotia Capital said in a morning note the changes had been anticipated for some time. “We remain of our long-held belief that Canada is tapped out on housing and household finance variables that are all at cycle tops, in contrast to the U.S. that has already moved well off cycle tops and may be creating some pent-up demand,” said economists Derek Holt and Gorica Djeric.
The changes to the country’s mortgage rules -- the second in as many years -- emerge amid rising concern about the record levels of household debt, which measured as a ratio of money owed to disposable income nears a startling 150% as of the third quarter of last year. That surpasses the level of debt held by American households, whose appetite for borrowing helped stoke the financial crisis of a few years ago.
The Bank of Canada recently warned debt levels are growing faster than income, and the risk posed by consumer indebtedness to the domestic economy would continue to escalate without a “significant change” in how consumers borrow and banks lend.
Bank of Canada governor Mark Carney said policymakers have a “responsibility” to look at the benefits of pre-emptive action. Joining the chorus have been chief executives at the big banks, most notably Ed Clark at Toronto-Dominion Bank, in publicly advocating for tougher mortgage standards.
Last Friday, Prime Minister Stephen Harper acknowledged his government was considering changes to the rules governing mortgages.
In February of 2010, Mr. Flaherty moved to toughen up the mortgage rules amid worries that Canada was in the midst of a housing market bubble. The reforms, since introduced, compelled borrowers to meet standards for a five-year fixed-rate mortgage, even if the buyer wanted a shorter-term, variable rate loan; reduced the amount Canadian can borrow against their home, to 90% of the property value from 95%; and require purchasers of rental properties to issue a 20% down payment as opposed to 5%. The moves played a role, observers say, in slowing down real estate activity.
The Scotia Capital analysts suggested government regulation was the way to go in terms of curbing household appetite for credit as opposed to the Bank of Canada raising interest rates, which they said would be “imprudent” at this time.
The central bank issues its latest rate statement on Tuesday and it is expected to hold its benchmark rate at its present 1% level as signs indicate the economy may be benefiting from renewed business and consumer confidence in the United States.
Stewart Hall, economist at HSBC Securities Canada, said the extraordinarily low-rate environment “provides all the incentive to consumers to borrow and spend and none of the incentive to save. You can try to [regulate] that away but that is apt to be fraught with significant frustration.”
Flaherty tightens mortgage rules
Paul Vieira, Financial Post · Monday, Jan. 17, 2011
 
Click the links for information regarding Toronto Real Estate or Toronto Condos


Third best year for existing home sales.


Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009. “Market conditions were anything but uniform in 2010. We went from super- charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.
“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.
The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent. “At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009, said Jason Mercer, Trebs senior manager of market analysis.
"Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation continued mercer. "Expect the average selling price to grow at a below five percent per in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.
Median Prices: In december, the median price was $355,000, from the #349,000 recorded during december 2009.


Real estate ends 2010 on a high. While only good things predicted for 2011


Thanks to low interest rates, and the knowledge that they can’t stay there forever, 2010 ended well for Canadian Real Estate, and more of the same is expected for 2011, according to the Royal LePage House Price Survey and Market Survey Forecast released today. "Trends in the housing market continue to be driven by the lingering after-effects of the recession," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs."
Soper believes that this is the main impetus pushing people towards purchase sooner, rather than later. “There is anticipation that money is going to become more expensive.”
“Our outlook is skewed now to the positive, and we expect the momentum that the industry carried through 2010 to carry on through 2011. Unit volumes were forecast originally to be very negative for 2011 as recently as October, but in November things began to change.” With a boost to close out the year in Q4, average home prices nationally, rose between 3.9 and 4.6 % year-to –year, shedding memories of an unimpressive Q3- and were able to return to healthy growth.
Similarly, home values expected to carry on climbing steadily across the country through 2011, with most of the sales activity to take place in the first half of the year. Soper says, “Typically, in a northern climate, a strong spring will carry the year.” The introduction of the HST can also take credit for a spike in activity in the early part of 2010.
“2011 is expected to unfold much like 2010, when close to 60 per cent of sales volume occurred in the first half of the year in anticipation of interest rate increases that never materialized. However, housing market activity in the first half of 2011 will be modestly closer to the norm, as last year's phenomenon was exacerbated by mid-year tightening of mortgage accessibility and the introduction of HST in Ontario and British Columbia."
The front runners for growth are most likely situated in Alberta- where some of the only price decreases were seen in 2010. Calgary, in particular, suffered after a sharp correction after years of huge gains, and after sinking oil and gas prices, the regionally heavy sector is expected to start hiring again—which will certainly contributed to the economic health of the city.
Nationally, the average home price is expected to rise 3 % throughout 2011 to $348,600; the actual number of transactions is expected to slide 2%.
In Q4, most of the country saw either increases or stability in price. In terms of cities specifically, Winnipeg, Ottawa, Montreal and St. John's topped the list for the most significant increases. Nationally, the price of detached bungalows went up 4.6%; prices for two –storey homes went up 4.4%; prices for condominiums went up 3.9%.
For more information on Toronto real estate and Toronto condos.


Scotiabank Year-end Review and Outlook for Global Real Estate


According to a recently released Global Real Estate Trends report from Scotia Economics, low interest rates and slowly improving economic conditions contributed to a slight global residential property market recovery. From the 12 advanced nations polled, the estimated average inflation-adjusted home prices rose this year in six (Australia, Canada, France, Sweden, Switzerland and the U.K.), were stable in two (Germany and the United States) and dropped in four (Ireland, Italy, Japan and Spain). This is compared with 2009, when eight of the 12 markets suffered price declines.
The rebound lost some steam in the latter half of the year, mirroring the general loss of momentum in global growth, though regional performances remain highly varied," said Adrienne Warren, Senior Economist, Scotia Economics. "Despite still attractive borrowing costs, the expiry of purchase incentives in many markets, the relatively slow pace of job creation and mounting concerns over the financial strains facing debt-heavy developed nations are weighing on confidence. These factors will likely keep many prospective buyers on the sidelines in 2011." Leading the pack for 2010 is the Australian housing market. This is attributed to things like low unemployment; similarly, lower housing supply is driving prices up. Other factors like consecutive interest rate increases by the Reserve Bank of Australia, and the end of enhanced First Home Owners Grant in January 2010, have brought some stability to a hot market. Average inflation-adjusted home prices in the third quarter of 2010 were up 9.4 % year over year compared with a 15.9 % increase in Q1. "We anticipate a further slowing in sales and price appreciation in 2011," added Ms. Warren. "While Australia's close trade ties with Asia and resource wealth will continue to underpin a solid pace of domestic activity, higher interest rates will worsen already strained affordability. The RBA has recently taken pause, but we expect the resumption of a gradual policy tightening path in 2011, with short-term rates raising an additional 75 basis points by year-end." Back at home in Canada, markets performed well, but were volatile. Contributing factors include an extraordinarily active winter and spring, anticipation of a hike in interest rates only partially materialized, and BC and Ontario’s introduction of the HST- all made the summer markets weaker than usual. Things rebounded in the fall, to bring back stability to the markets. "We are neither overtly optimistic nor pessimistic regarding the outlook for 2011," stated Ms. Warren. "On the one hand, we expect interest rates to remain at historically low levels, with the Bank of Canada deferring any further rate hikes to late 2011 given an uncertain global economic outlook and subdued inflation, and longer-term borrowing costs drifting up only modestly. This is an extremely powerful inducement for both first-time and move-up buyers and should maintain a decent level of sales.”
There is expectation that demand will be affected by moderate employment and income growth .Public sector hiring was responsible for a third of the net new jobs created in Canada over the past year, - which is likely a one-time thing.
Click the following links to learn more about Toronto real estate or Toronto Condos

7 things to know about buying a condo


Taken from today's Toronto Star. condominium is like a small town. It has a board of directors made up of its residents much like a local council, it has rules, restrictions, bylaws and even fines for misbehavior. The condo across the street that looks the same, but it may be a completely different community.
That’s why it pays to keeping a handful of things to keep in mind when it comes to finding the right unit for you.
1. The 3P’s – Pets, People and Parking
Many condos prohibit or restrict pets from dogs and cats, to goldfish and snakes. There may also be rules restricting the number of people that can occupy a unit, whether you can barbecue on the balcony or put a satellite dish on the outside wall. Other restrictions include the time of day when you can play musical instruments, use the pool or the party room.
There may be further restrictions about renting your unit. Your parking spot may be owned by you or owned by the condominium, and this will affect whether you can sell your parking space or be able to buy one from another unit for a second car.
2. Reserve Fund
How much money is in the reserve fund and how much is needed? The board must make sure that the common condo elements, including the lobby, hallways, elevators, furnace, roof and parking garage are always maintained and repaired. This means conducting reserve fund studies. Ontario’s Harmonized Sales Tax (HST) will add approximately 4 per cent to a condo’s annual expenses because items such as utilities, security, landscaping and snow removal are now being taxed. So common condo expenses will rise going forward. If the condo’s reserve fund isn’t topped up it could lead to costly special assessments in the future. If there is no reserve fund study done, be very wary of buying.
3. Professional management
Most condo directors do not have the business, legal or people skills required to manage their building. They are responsible for a budget that could be in the millions and must also deal with disputes between owners and the condo corporation. They also require a working understanding of the Provincial Condominium legislation that governs their condo. Even a relatively simple decision such as when to turn on the air conditioning requires someone who understands how the system works, as the decision will affect unit owners in different ways, depending on whether they are on the sunny or shady side of the building.
That’s why a property manager helps. This person can offer advice and help solve problems among unit owners.
4. Insurance deductible
If your building insurance policy contains a $5,000 or $10,000 deductible, then be sure to speak to an insurance specialist about obtaining your own unit coverage to protect your contents and any improvements that you make to your unit.
5. Were alterations legal?
If any alterations were made – check to make sure that any necessary approval was obtained by the condo board, so you do not have to go through the cost of getting approved – which could require further inspection and certification by plumbers, architects or engineers.
6. Do the owners get along?
Knock on some doors before you buy and ask people about the building. Also have a look at the minutes of the last annual meeting. Was it orderly or were many items disputed. You can tell a lot about whether owners get along as a group by what takes place at the annual meeting. Be suspicious if there has not been a meeting in over a year.
7. Status Certificate
The status certificate issued by each condo should provide an up to date copy of all important condominium documents, the budget, the last annual meeting, whether there are arrears of common expenses, any special assessments being considered and whether or not there has been a Reserve Fund Study. Your purchase agreement must be conditional on your being satisfied with the contents of this important document. Review this carefully with your real estate salesperson and your lawyer.
Before deciding on which condominium town you would like to live in, ask the right questions in advance and you won’t be hit with unwelcome surprises after you move in.
Tip Box – 7 Steps
Check out all condominium restrictions – People, Pets and Parking
Is the building professionally managed – if not – be careful
Is there a reserve fund study? – if not – be very careful
Is there an insurance deductible? – if so, you need to obtain your own personal policy
Have any alterations to the unit been properly approved?
Do the owners get along? – speak to people in the building and ask for minutes of the last annual meeting
Make any deal conditional on being satisfied with the Status Certificate
for more information on Toronto Condominiums or to purchase a Condo in Toronto.

Condo sales surge in Ontario cities.


More the same point of my previous article, here is a further elaboration of how the current condo market is behaving. Condo sales are booming in major Ontario cities and increasing in seven of eight regional markets in the province, Re/Max Ontario-Atlantic Canada said Monday.
Ottawa saw an 11.9 per cent rise in condomium sales during the first nine months of 2010 compared with 2009, while sales in the Greater Toronto Area were up 10.4 per cent.
The only market surveyed with a drop was Thunder Bay, where condo purchases declined four per cent, according to the real estate sales company's tally.
Condos now represent one in every three homes sold in the GTA, and nearly one in four in Ottawa and Hamilton-Burlington, Re/Max reported.
Affordability is the main reason, said Michael Polzler, the company's executive vice-president. With house prices rising, condos and townhouses have become the first step in home ownership.
There's also a lifestyle element, he said: "Dreams of the small home with a white picket fence are being replaced by the funky loft apartment."

Luxury sales swell

While affordability drives many condominium purchases, luxury condos are also selling strongly in the Toronto area and Ottawa. Sales of Toronto condos priced over $1 million are up 49 per cent year-over-year, and Ottawa sales of condos priced over $450,000 have jumped 72 per cent.
Investors are also contributing to the sales increase. Some are trying to cash in on student housing by buying lower-priced condos in centres with colleges and universities, like London, Kitchener-Waterloo and Barrie, Re/Max said.
Meanwhile, the "vast majority" of units sold in Toronto's downtown core were bought by Asian and Middle Eastern investors who plan to hold the condos for the long term.
Re/Max also reported sales in Halifax-Dartmouth, where January-September volume slipped 2.9 per cent from a year earlier.
For more information on Condos in Toronto or Toronto Condos.

Canadian Condo Market Poised for Growth.


Flagged as a viable option for first-time home buyers, wary of the rising price of a single-family home and a solution for retirees alike, the condo market is poised for growth. Condominiums offer a passage to home ownership for those who are interested in the prospects of ownership but are restrained by high property prices, or for those whose lifestyles do not allow for the maintenance- financial and physical- of single-family home ownership Some Canadian markets have seen a surge in the condo market, indentifying lifestyle, investment opportunity, urban renewal, and attractive pricing as the driving force behind it.
Condo markets are also being touted as a solution to urban sprawl and are also being sold across a variety of demographics, on opposing ends of the buying spectrum, as offering a similar solution to varying needs, including downsizing empty nesters, those looking for a retirement property and nervous first –time property owners.
Condo ownership in urban developments is also being cleverly marketed as a lifestyle choice; appealing as an essential part of a funky, hip urban lifestyle- as a convenient location to place roots down near hip restaurants and shops.
Recognizing the shift in demographic want, urban development companies have shifted their marketing focus. Says Michael Polzler, executive vice-president for Re/Max's Ontario-Atlantic Canada operations, "The (condo) lifestyle has also gained a foothold with younger, hipper audiences, as the definition of home ownership evolves with the changing demographic". Polzler adds "dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment”.
Condo Sales are up across the country, with Ottawa seeing sales up 11.9% and the GTA seeing a rise of 10.4% year-to-date, as of September.
Condos are also a very attractive investment option, because of the rental opportunities they offer. With the anticipated growth in the condo market in the coming years, based on need and demographic requirements, investors make up a significant number of condo purchaser and these investors are not limited to Canadians. The investment market is attractive to those overseas, with long term investors from Asia and the Middle East holding the bulk of the investment properties.   The intention is that they will hold these properties until prices are driven up by this hot condo market, until they are able to sell for the price they want.
________
All of this information of course goes double for the Toronto condomarket. As in Toronto, we're seen as the economic, cultural and from time to time political hub for all of Canada. For more information on Condos in Toronto.


Majority (56%) of Ontarians Believe Harmonized Sales Tax Applies to Resale Home.


The introduction of the Harmonized Sales Tax in both Ontario and British Columbia on July 1st 2010 has been widely cited by real estate professionals and analysts as one of the major factors affecting a slowdown in housing sales. This theory seems to be supported by a recent survey commissioned by the Ontario Real Estate Association (OREA) and conducted by Ipsos Reid, which shows that 56% of people in Ontario believe that the new HST applies to the cost of resale homes.
With the average resale home price sitting at $333,000 in Ontario, this means that many would expect to pay an additional $40,000 in sales tax if they bought a home at that value. The reality is that there is no HST collected on the full purchase price of a resale home. In fact the HST is only levied on the various transaction fees associated with the purchase of a home that has been previously occupied (i.e. not a newly-built home).
“Clearly, Ontarians still don’t know what the HST covers and what is exempt,” said OREA president Dorothy Mason. “This is not helping the housing market, and it’s not helping the Ontario economy. This confusion means that many buyers think the cost of a resale home is tens of thousands of dollars higher than it actually is.”
She added: “We’re doing our part to inform our clients, but we shouldn’t have to do it alone. We’re calling on the Ontario government to launch an immediate public awareness campaign to educate taxpayers and end the HST confusion. For average homebuyers, learning that the HST does not apply to the full purchase price means a $40,000 saving they weren’t expecting.”
Although there have been signs of improvements in the Canadian housing market recently, with the Canadian Real Estate Association reporting sales gains in both September and August, Real estate agents in Ontario are concerned that their business is being damaged by the  fear their business is being hurt largely by the mistaken belief that the HST applies to previously owned homes.
As this is a very important issue affecting the people of Ontario, I'd like to know how the HST has affected you since it's implementation.
For more information on Toronto Real Estate

September market watch. (National Numbers)


TORONTO Oct 15 (Reuters) - Sales of existing homes in Canada rose in September from August, edging up for a second straight month, the Canadian Real Estate Association said on Friday. The industry group said a total of 33,913 homes changed hands in September, up 3 percent from August, and the highest level since May. Compared with a year earlier, however, sales were down 20.1 percent.
Seasonally adjusted sales were higher in two-thirds of the markets tracked by the association, led by Winnipeg, Calgary, and Montreal.
Analysts say the Canadian housing market is stabilizing as it cools off after helping to drive the economy out of recession last year and early this year.
Most big Canadian banks lowered their five-year fixed rate mortgages this week by 0.10 percent to 5.29 percent, a move that may continue to attract homebuyers.
"This, together with recent developments in existing home sales activity, signal the likelihood that we are closer to a balanced market position than previously envisaged," said TD Bank economist Shahrzad Mobasher Fard. "Some firming up in existing home sales and prices may consequently be in sight."
Risks include a slowing economy and rising household indebtedness, the economist noted.
The national average price dipped 0.2 percent in August from a year earlier to C$331,089 from C$331,683. It was the second straight month that prices were about even with levels in 2009.
The number of new listings rose 0.7 percent from the previous month, and remain 15 percent below the peak reached in April.
To Begin your Toronto Real Estate search Click Here

Breaking it down with Fabulous Facades.


Whether low to the ground or soaring into the sky, whether made of shiny glass or exquisite stone, there is no doubt Toronto’s newest crop of condo buildings is architecturally intriguing. Developers, architects and landscape professionals are creating distinctive, eye-catching spaces that will not only captivate discerning buyers but also tempt curious passersby. “[Developers] continue to look for something that makes their landmark the landmark,” says Mark Cohen, senior vice-president and founding partner of The Condo Store Marketing System. “Others are looking for something that makes their heritage preservation and existing façade integrate into a neighbourhood with new construction on top [in order] to balance history and the future.”
Mr. Cohen says the look of a building is a key factor in condo sales, with the scale model always the focal point of any sales office. Unlike yesteryear’s predictable towers, he says today’s buildings boast waves, curves, offset balconies and floors, a mix of interesting materials and heritage elements that all add to the allure.
“People associate with what buildings look like — whether they’re provocative, different, sexy or integrate into an existing area,” he says. “Appropriateness matters. Style matters.”
Here, then, is a roundup of upcoming addresses that are turning heads:
Five
Gary Switzer thinks the Yonge and Wellesley neighbourhood “needs a little love,” which is why he is constructing a glass tower and preserving five heritage buildings to perk it up.
Called Five (naturally), the upcoming residential project features a 40-storey modern glass tower atop a five-storey podium that was once a 1905 Gothic Revival warehouse. ERA Architects is restoring the warehouse façade that will become the condo’s entry, as well as five heritage buildings fronting on Yonge Street that will become new retail hotspots. The brick façade on adjacent St. Nicholas Street will be rebuilt “but will have the spirit of Victorian-Edwardian architecture,” says Mr. Switzer, with quaint shops and cobblestoned roads. Rising above the façade on St. Joseph Street will be the podium housing heritage lofts, a rooftop garden with 13,000 sq. ft. of outdoor amenities, and 10,000 sq. ft. of indoor amenities.
From there rises a slender point tower encased with fritted glass and undulating balconies for a shimmery and wavy feel. According to David Pontarini of Hariri Pontarini Architects, the shaped and sculpted line created by the front of the balconies is a first for Toronto.
“People walking along Yonge Street will notice that the heritage buildings have been preserved and cleaned up, and if they turn on St. Joseph Street, they will see elements of the new link building,” he says. “They will also see the preservation of the 5 St. Joseph building façade. Looking up, they will see the line of the sculpted balconies against the straight, clean surface of the main tower. Turning onto the laneway, they will see a new reconstructed brick façade that matches the scale of the original façade, but incorporates new residential units within the base of the building.”
Mr. Switzer says Toronto has led the way in melding old and new. One example is City Hall, which he says was built to draw attention to Old City Hall across the street. Five St. Joseph is following suit.
“We’re not trying to replicate [the past] by doing a Disneyland pastiche,” says Mr. Switzer of melding old with new. “Architects like Hariri Pontarini specialize in combining historic with something that’s very contemporary. You try to set them off, one to the other, so that the old looks better and the new looks better by having that contrast. You end up contrasting material like the old brick, the old stone with fritted glass and stainless steel.”
Pears on the Avenue
A smidge north of Yorkville — near the corner dubbed “Av and Dav” — Pears on the Avenue will feature an 18-storey, 130-unit sleek glass tower atop a three-storey glass-and-stone podium. The idea, says Mimi Ng of Menkes Developments, was to create a “design-savvy building” that will not only offer something exciting to buyers but will add “a new dimension” to the neighbourhood.
The highlight, from a design standpoint, is a white steel frame on the north, east and south sides intended to make the building look taller and extend the feeling of spaciousness in the suites. The frame continues along the balcony loggias for a sense of enclosure while still allowing dwellers to enjoy the city view.
“The metal frame is a signature architectural element which enhances the verticality of the principal façades, adding visual interest, scale and articulation to what would otherwise have been an undifferentiated glass façade,” says Mansoor Kazerouni, executive vice-president of Page+Steele/IBI Group Architects.
He says that the “deliberately clean, modernist silhouette” is both timeless and elegant, rather than trendy or gimmicky.
“[This project] is distinctive in the sense that it does not subscribe to any current architectural trend, which prevents it from being dated and allows it to age gracefully,” he explains.
Garrison at the Yards
When Vancouver-based developer Onni Group of Companies snatched up a parcel of property at Fort York Boulevard and Bathurst Street, the most important design element became appeasing the neighbours. That is because Fort York, an historic site museum and home to Canada’s largest collection of original War of 1812 buildings, is situated right next door.
“The Fort’s success lies in its architecture’s direct expressiveness, the somewhat random placement of its buildings, and its sense of maintaining an edge against the advancing city,” says Rudy Wallman of Wallman Architects. “All of these characteristics must be reflected in the new building if it is to become a worthy neighbour to the Fort and make evident the Fort’s significance to passersby. At the same time, the new building must express the aspirations of its occupants, many of whom are attracted to the building because of its location and unique views over the expanse of the Fort.”
Since city guidelines insisted construction cannot cast shadows on the fort, Garrison at the Yards will be a midrise. The eight-storey podium, which Onni spokesperson Sue Young describes as “shaped like a boomerang,” will feature a pattern of vertical panels of red brick that pick up on Fort York’s heritage elements. The randomly spaced panels flank the balconies and create a rustic effect against the four floors of glass above. The retail space at grade will have a glass curtain wall with recessed entrances, which Mr. Wallman says will provide visual breaks in an otherwise continuous expanse of glass.
With the Gardiner Expressway close by, the south wall was given special treatment. Prefinished aluminum panels will create a two-tone colour pattern reflecting the random brick piers on the east and north façades and will also capture a sense of the movement inherent in the passing vehicular traffic. Says Mr. Wallman: “The pattern is arranged in a Morse code message that welcomes passersby to the Fort York neighbourhood.”
Garrison at the Yards is the first building in Onni’s master-planned community called The Yards that will add 1,100 residences to the Fort York neighbourhood.
Chaz on Charles
Just south of the busy Bloor and Yonge intersection, the folks behind Chaz on Charles are touting a 39-floor, 420-suite glass tower that will sit atop a five-storey limestone podium.
Longtime developer Jason Fane bought the property in the 1990s and waited for the right opportunity to go after his dream of building towers in Toronto and New York. After a chance meeting with a city councillor several years ago at a Toronto International Film Festival gala, Mr. Fane learned the city was encouraging increased density near subway stations and he knew the time was right. The only question was what look to go after.
“There are a large number of buildings [in Toronto] that, however well they are executed, are just glass shoeboxes turned on end,” Mr. Fane says. “This was a great architectural innovation but it goes back almost 60 years now. We decided to take a different approach and have a more interesting shape.”
Chaz on Charles eschews the traditional rectangular. Rather, Mr. Fane calls it a “complicated” shape that involves 45-degree angles, eight corners, and columns exposed over five floors at different heights. The intriguing design means two-thirds of the units are corner units — or eight per floor. Crowning off the building will be the Chaz Club, a two-storey party zone encased in floor-to-ceiling windows for a spectacular downtown view.
At pedestrian level, the tower will be set back from the sidewalk to encourage a feeling of distance between Chaz and the buildings on the other side of the street. The sidewalk will be widened and flower-filled, making the frontage “feel like a great boulevard,” Mr. Fane says. The top of the five-storey podium will be at the same height as the building next door, “allowing for a five-storey street wall.” A number of three-bedroom condos will be situated in the podium.
For the moment, Mr. Fane is content to continue dreaming about his Manhattan high-rise while he puts his energies into Chaz on Charles.
“People here have difficulty imagining just how bad things are in a lot of other places like Las Vegas, Miami, Greece and Spain,” he says. “Toronto is a happy city. By comparison to just about any place in the world, this is the place to be.”
Taken from the National Post
Looking for Condos in Toronto contact Marco Chiappetta @ iLoftCondos.com